An Incubator and Innovation Fund promoting innovative business applications was announced during the L.A. Tech Summit held Nov. 14 at the Fairmont Miramar Hotel in Santa Monica. Also announced at the summit were two of the “hottest startups” in the region.
Nativo was named the “Hottest L.A. Startup” by a panel of angel and early stage investors. The startup, according to a statement released by organizers of the L.A. Tech Summit, is a “a leading native advertising platform for publishers and advertisers.”
“We are honored to be acknowledged as a leader at the LA Tech Summit during a time when Los Angeles is emerging as a thriving hub for tech innovation,” Nativo CEO Justin Choi said in a statement. “It’s especially gratifying for Nativo to win under unanimous decision when so little awareness existed around native advertising just one year ago.”
Meanwhile, Preact, which helps business provide better customer experiences, was the audience choice award for top startup.
Also up for top startup honors were Lettuce, creator of a mobile order management systems, and media planning firm Prosperio.
Cornerstone OnDemand, which organized the L.A. Tech Summit, also announced the Cornerstone Innovation Fund. The fund would award individual investments between $250,000 and $1 million.
The Innovation Fund’s creators described it as a “strategic initiative created to invest in, advise and collaborate with promising cloud startups building innovative business applications.”
“The Cornerstone Innovation Fund is an important strategic initiative to help further our leadership position in the talent management software space,” Cornerstone OnDemand founder and CEO Adam Miller stated. “Our approach with the fund is to foster the development of great ideas and companies, even at the earliest of stages.”
Cornerstone OnDemand hopes to make “a few strategic investments each year” through the Innovation Fund, with all investments approved by the company’s Board of Directors and a selected group of venture capital firms.
“Cornerstone’s vision is to foster the development of a comprehensive ecosystem of cutting-edge solutions for organizations seeking to differentiate and continuously evolve their talent management strategies,” the company stated in a release. “In addition, the fund gives Cornerstone an opportunity to support the burgeoning Los Angeles technology community, as well as other technology communities throughout the world.”
In addition to the Innovation Fund, Cornerstone OnDemand also announced it would allow young companies to apply to uses dedicated creative workspace at the company’s Santa Monica headquarters.
Startup companies who wish to apply for the Cornerstone Innovation Fund can find more information at www.csod.com/about/innovationfund.
Cornerstone OnDemand is based in Santa Monica and provides cloud-based applications for talent management. Solutions offered by Cornerstone OnDemand include helping organizations connect, manage, recruit, and train employees to increase workforce creativity.
The L.A. Tech Summit is organized annually by Cornerstone OnDemand to “showcase the technology ecosystem in Los Angeles.”
Panel and discussion topics at the summit included the future of technology in Los Angeles, building a billion dollar startup, advertising in the digital age, using data to transform markets, technology in entertainment, how to acquire and retain customers, and becoming an e-commerce destination, among other subjects.